11:33 AM EDT, 09/09/2025 (MT Newswires) -- Adobe (ADBE) is likely faced with mixed business trends in fiscal Q3 amid low expectations, Oppenheimer said in a Tuesday note. The results are due Sept. 11.

"Results are unlikely to change investor sentiment, and management is unlikely to give material financial or product updates until its MAX customer conference in October," it said.

Oppenheimer analysts forecast Q3 EPS of $5.16 on revenue of $5.89 billion, with expectations for some upside, but do not see full-year revenue and bookings estimates to change materially.

They said expectations remain low over growth concerns and with it residing in the less defensible business cohort in the AI transition by investors.

"Nevertheless, there are drivers to sustain top-line growth with faster earnings growth," the analysts said.

They also said the stock looks washed out with multiples trading at five-year lows, pointing to limited downside.

Oppenheimer cut its price target to $460 from $500 on group-multiple compression while keeping its outperform rating.

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